Wall Street opens higher, bond yields fall

PARIS, Oct 4 (Reuters) – The New York Stock Exchange opened higher on Tuesday as bond yields fell on hopes of a lull in central bank interest rates, rekindling appetite for the risk pending new economic data.

In early trading, the Dow Jones index gained 491.25 points, or 1.67%, to 29,982.14 points and the broader Standard & Poor’s 500 rose 1.96% to 3,750.88 points.

The Nasdaq Composite took 2.46%, or 266.11 points, to 11,081.55.

No major economic indicator is on today’s agenda, but investors are awaiting monthly statistics on services activity in the United States on Wednesday and, above all, on Thursday and Friday, the private ADP employment survey and the report of the US Department of Labor in this regard.

Meanwhile, the positive trend is fueled again by hopeful manufacturing activity data which slowed in September to its weakest pace since 2020, which could prompt the Federal Reserve to moderate its rate hike. future interest rates.

The yield on ten-year US Treasury bonds fell 3.6 points to 3.6171%, while the dollar fell 0.7% against a basket of international currencies.

Lower yields allow technology groups such as Apple, Microsoft, Amazon Alphabet, Meta Platforms and even Netflix to earn between 2% and 4%.

Tesla, which fell 8.6% on Monday after its third-quarter vehicle deliveries fell short of expectations, rebounded 3.6922% on Tuesday.

Electric vehicle maker Rivian jumped 7.36% on confirmation of its production forecast for this year.

The banks Wells Fargo, JPMorgan Chase and Bank of America take 2.11%, 2.32% and 2.57% respectively.

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